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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Card Factory Plc | LSE:CARD | London | Ordinary Share | GB00BLY2F708 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.60 | -2.52% | 100.40 | 100.60 | 103.40 | 100.40 | 100.40 | 100.40 | 4,478 | 08:03:39 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Greeting Cards | 463.4M | 44.2M | 0.1289 | 7.99 | 353.1M |
From Apr 2021 to Apr 2024
TIDMCARD
RNS Number : 5394D
Card Factory PLC
29 June 2021
29 June 2021
Card Factory plc
Annual Financial Report and Notice of AGM
Card Factory plc ("Card Factory" or the "Company") announces that it has published its Annual Report and Accounts for the year ended 31 January 2021 and Notice of the Company's 2021 Annual General Meeting.
The Annual General Meeting is to be held at the offices of UBS, 5 Broadgate, London EC2M 2QS at 11.00 a.m. on Wednesday 28 July 2021.
As at the date of this notice, the UK Government still has restrictive social measures in place, together with the uncertainty as to any future measures which may be implemented prior to the date of the AGM, therefore we are proposing to hold the AGM with only the minimum attendance required to form a quorum. We encourage shareholders to vote on the resolutions in advance of the meeting by completing forms of proxy. To facilitate shareholders to make an informed decision on voting, and to minimise any disruption, should attendance be restricted, we will respond to shareholder questions in advance of the meeting, which can be submitted by email to legal@cardfactory.co.uk by no later than 4pm on 22 July 2021. The Company shall provide a response by email and appropriate questions and answers will be available on the Company's website following the conclusion of the AGM.
Copies of the documents listed below have today been posted to shareholders:
1. Annual Report and Accounts 2021; 2. Notice of 2021 Annual General Meeting; and 3. Form of Proxy for the 2021 Annual General Meeting.
The Annual Report and Accounts and the Notice of the 2021 Annual General Meeting will also be accessible later today via the Company's investor relations website www.cardfactoryinvestors.com . In compliance with LR9.6.1, the Company has today submitted electronic copies of the above documents to the National Storage Mechanism appointed by the Financial Conduct Authority and these will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Card Factory's preliminary results announcement on 10 June 2021 (which is available via the Company's investor relations website referred to above) included, in addition to the preliminary financial results for the year ended 31 January 2021, information on important events that occurred during the year and their impact on those financial results. That information, together with the information set out in the Appendix below is provided in compliance with the requirements of DTR6.3.5(2)(b). This information is not a substitute for reading the full Annual Report and Accounts for the year ended 31 January 2021.
For further information:
Ciaran Stone, Group General Counsel Tel: 01924 839150 and Company Secretary Card Factory plcS
Appendix
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Card Factory group (the "Group") are set out below, together with details of how these are currently mitigated. For further information on how the Group manages risk, see pages 40 to 43 of the Strategic Report and also pages 66 and 67 of the Corporate Governance Report within the Annual Report and Accounts 2021 ("Annual Report").
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Risk Description Mitigation
Financial Risks
Impact of The risk of future mandatory We have successfully secured
Coronavirus closure of nonessential additional bank facilities
retail stores due to the that provide additional
ongoing Covid-19 pandemic liquidity, should further
Since 2020: is a significant ongoing store closures be required,
Reduced risk for Card Factory. however, further agreements
Loss of revenue from the with our banks may be necessary,
store estate, which accounts if any additional periods
for the majority of sales, of closure are prolonged.
would impact the Group's Alteration to our store
liquidity. Any lasting estate may be required
shift in shopper behaviours - our short lease terms
following the pandemic allows us to review locations
may further impact performance and hold constructive discussions
of our stores. with landlords to manage
our property costs. Investment
in capacity to meet online
sales demand and diversification
of sales with retail partners
provides other routes to
the customer, via 'essential
retailers'.
------------------------------------- -------------------------------------
Geopolitical The Group is reliant on Any cost increases for
Instability a wide range of products imported products are likely
supplied from the Far East, to affect competitors equally.
Since 2020: particularly China. Increasing In the medium-term the
New political tension with business is proposing to
China, and potential for on-shore a larger proportion
increasing tariffs on imports of card production to its
(or countries which could Printcraft business in
provide alternative supplies) the UK, with investment
could disrupt supply and/or in technology to facilitate
result in a need to increase this. Buyers are also actively
sale price, which may impact reviewing alternative supply
our value proposition or, sources and reviewing the
potentially reducing sales applicable tariffs and
or profitability. duties to seek to maintain
value and quality of supply
to maintain our competitive
range proposition.
------------------------------------- -------------------------------------
Finance and Cash management has become Following refinancing in
treasury critical for the Group, May 2021, additional headroom
particularly as revenue has been created that provides
Since 2020: has been severely reduced a platform for stabilising
Unchanged due to mandatory closure and implementation of the
of stores for extended strategic plan. The Board
periods and the risk of will continue to carefully
further closures due to manage the liquidity position
the Covid-19 pandemic. and identify other opportunities
to improve the balance
Group finance arrangements sheet and liquidity.
and a reliance on overseas
suppliers mean that a lack The Group will continue
of appropriate levels of to hedge against interest
covenant headroom and/or rate and currency fluctuations
cash resources; interest in the CFO's Review (page
or exchange rate fluctuation, 38 of the Annual Report).
or inadequate cost control
could impact operations
and performance.
------------------------------------- -------------------------------------
Operational Risks
ERP Implementation The Group has commenced Our ERP implementation
development of its new is being effected on a
Since 2020: ERP (Enterprise Resource phased basis, following
Reduced Planning) solution to replace detailed testing, with
multiple existing systems support from specialist
that are end-oflife. This third parties, and strong
significant project involves governance, designed to
changing the core IT infrastructure materially adopt established
on which the Group operates, solutions, with limited
to facilitate efficiencies bespoke arrangements. The
and provide a platform initial phase is due to
future growth. However, be cut-over in October
ensuring appropriate design 2021 affecting master data,
of any ERP system, and point of sale data and
implementation of business finance system changes.
change to realise the benefits It has been subject to
of it, require proper execution. detailed design, with extensive
There are inherent risks consultation across the
of business disruption, business to understand
data loss or delays in requirements, and will
any ERP implementation. be subject to extensive
testing and user training
as part of implementation.
Clear business mitigation
plans will be defined in
the event of any issues
at the point of go live.
------------------------------------- -------------------------------------
IT Infrastructure Our IT infrastructure includes The Group is implementing
and risk many legacy systems, some an IT strategy which prioritises
of IT/security of which are unsupported mitigation of the more
disruption and some which are subject material risks (which are
to extensive tailoring. subject to monthly reviews)
Since 2020: Many IT systems need further to improve the resilience
Increased investment and development of the IT systems, with
to ensure they are resilient, additional resource commitments
secure and support the to maintain and support
strategic ambitions and the current systems and
business transformation implement system changes
agenda of the Group, in where required (in addition
addition to maintaining to the ERP Implementation).
our day-today operations. This includes supplementing
This is critical to our the cyber security protection
future success. and enhancing frequency
and resilience of server
backup.
------------------------------------- -------------------------------------
HR Compliance Compliance requirements The business has undertaken
for our colleagues continue an extensive review and
Since 2020: to grow, explicitly through adopted policies and technology
No change legislations and also indirectly to support ensuring colleagues
via case law with National are paid for all the hours
Living and Minimum Wage, they work, designed to
Holiday Pay and Equal Pay. ensure compliance with
The Covid-19 pandemic has minimum wage requirements.
also required regular reviews An internal audit review
of operations to improve confirmed these systems
the Health and Safety of and processes are effective.
our colleagues and compliance The HR specialists within
with the Coronavirus Job the Group monitor regulatory
Retention Scheme rules changes to ensure steps
(and the equivalent in are taken to maintain compliance.
Ireland). Compliance is
time-intensive and costly
with sanctions becoming
more punitive.
------------------------------------- -------------------------------------
Loss of key Retaining key colleagues A full review of the organisational
personnel remains challenging. Effective design and reward applicable
& organisational succession planning and to all colleagues within
culture ensuring we have the capacity, this structure is being
capability and organisational progressed which, once
Since 2020: structure to implement complete, should ensure
No change our strategy are critical clear, transparent structures
to the Group's long -- and competitive benefits
term success. Colleague are provided to aid retention
retention is also aided and development of succession
by ensuring the business plans. Retention of colleagues
has a culture, management at stores remains challenging
cohesion and leadership where a large proportion
behaviours that support of staff are paid National
the Group's strategic vision. Minimum/Living wage. Other
This is critical to long-term benefits, such a personal
sustainable success. development and opportunity
for career progression
are used, with sales based
bonus and SAYE incentives.
------------------------------------- -------------------------------------
Supplier The Group relies on a range Card Factory maintains
CSR Breach of third party suppliers it strict 'no audit-no
for many product ranges. order' policy, and adherence
Since 2020: Failure to ensure such to ethical and technical
New suppliers meet our standards, standards which are subject
including anti-corruption to appropriate audits.
compliance, non-exploitation As a member of SEDEX (Supplier
and all safety standards Ethical Data Exchange),
could damage our reputation. we monitor whether any
Recent travel restrictions human rights issues arise
have limited the opportunity in or supply chain to take
for site inspections by prompt action. Suppliers
us or our independent inspectors of cards are required to
which could increase the meet the high due diligence
opportunity for non-compliance. requirements (including
Investors may elect to Forestry Stewardship Council(R)
sell or not invest in the (FSC(R), License code:FSC-C128081))
Company if such standards Certified sourcing standards).
are not maintained, which
could reduce our share
price and limit opportunity
to raise future funding.
------------------------------------- -------------------------------------
Business Major disruption to our Ongoing IT system and process
Continuity business, but particularly improvements and detailed
our manufacturing and online disaster recovery planning
Since 2020: fulfilment facility, Printcraft, is in place for the Printcraft
No Change our distribution centres site, which also services
or our design studio, could fulfilment of online orders.
severely affect our performance Further disaster recovery
and profitability. planning is required for
other key parts of the
business, to minimise disruption
to trade. Insurance cover
is in place to mitigate
risk.
------------------------------------- -------------------------------------
Strategic Risks
ESG Compliance The future success of Card The Group has commenced
and climate Factory relies on progressive the journey by developing
change risks adoption of sustainable its ESG Strategy, undertaking
solutions to support the a materiality assessment
Since 2020: environment and long-term and centralising oversights
Increased growth. Procuring sustainably of its various
sourced materials, and ESG initiatives to ensure
development of recyclable co-ordination and focused
products, whilst reducing support for priority projects.
our carbon footprint are The Group is reviewing
business priorities, recognising a range of industry approaches
that failure to do so is to support accelerating
likely to create reputational progress (e.g. as a signatory
issues and could limit to the British Retail Consortium's
growth. Managing risks Diversity & Inclusion Charter)
from climate change, including as has set targets (see
increased demand for paper pages 49 and 53 of the
products may impact Annual Report) for further
future cost base for the improvement of its environmental
Group. credentials.
------------------------------------- -------------------------------------
Adapting The Group generates most Design, Buying, Merchandise
to customer revenue from cards, dressings, Planning or Strategic Partnership
preferences balloons and gifts. Customers, teams are operating with
trends and tastes can change data based insights in
Since 2020: quickly. It's essential developing our range, supported
New that it successfully predicts by customer segmentation
and responds to these challenges analysis undertaken as
and to declining high-street part of the refresh of
footfall and increased the Group strategy in 2020.
reliance on online and Further market research
digital offering following and use of market research
the Covid-19 pandemic. technology solutions, supports
improved range and design
Competition remains fierce, decision making.
particularly during key
seasonal card-buying occasions, A structured, data-led,
when closure of 'non-essential programme of redesigning
retail' favoured essential categories on a rolling
retailers who sell these basis ensures 'newness'
products. Range depth, to keep customers returning
quality and value remain to shop with us.
key differentiators.
Merchandising, marketing
Competitor groups, including and PR initiatives help
supermarkets and exclusively maintain brand perception.
online businesses, enjoy
strong brand recognition, Significant investment
flexible retail space, in the new online platform
purchasing power, more for cardfactory.co.uk and
mature multi-channel capability related iOS and Android
and pricing flexibility. apps should assist to support
growth in the online business
The Group's websites are and capture channel shift,
important sales channels which has accelerated over
supporting our strategic the Covid-19 pandemic.
ambitions. Developing our
e-commerce model, including Strategic partnerships
the introduction of 'click e.g. Aldi, TRS support
and collect' and a mobile brand development and facilitate
app, is critical to meeting reaching customers who
evolving customer expectations shop for convenience.
and shopping preferences
and to taking market share
in these channels.
------------------------------------- -------------------------------------
Directors' Responsibility Statement
The Annual Report and Accounts 2021 contains a statement of directors' responsibility by Darcy Willson-Rymer, Chief Executive Officer, and Kristian Lee, Chief Financial Officer, by order of the Board in the following form:
"We confirm that to the best of our knowledge:
-- the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
-- the Strategic Report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
We consider the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy."
Related Party Transactions
Details of the only material transactions with related parties during the financial year ended 31 January 2021 are set out in note 28 of the financial statements on page 148 of the Annual Report and Accounts.
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END
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June 29, 2021 11:27 ET (15:27 GMT)
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